Risk Preferences Are Not Time Preferences: Discounted Expected Utility with a Disproportionate Preference for Certainty

We are grateful for the insightful comments of many colleagues, including Nageeb Ali, Michelle Cohen, Soo Hong Chew, Vince Crawford, Tore Ellingsen, Guillaume Fréchette, Glenn Harrison, David Laibson, Mark Machina, William Neilson, Muriel Niederle, Matthew Rabin, Joel Sobel, Lise Vesterlund, participants at the Economics and Psychology lecture series at Paris 1, the Psychology and Economics segment at Stanford Institute of Theoretical Economics 2009, the Amsterdam Workshop on Behavioral and Experimental Economics 2009, the Harvard Experimental and Behavioral Economics Seminar, and members of the graduate experimental economics courses at Stanford University and the University of Pittsburgh. We also acknowledge the generous support of the National Science Foundation, grant SES-0962484 (Andreoni) and grant SES-1024683 (Andreoni and Sprenger) The views expressed herein are those of the author and do not necessarily reflect the views of the National Bureau of Economic Research.